Factors to Consider when Starting a Medical Practice

Factors to Consider when Starting a Medical Practice

Factors to Consider when Starting a Medical Practice

Have you started thinking of opening your own private medical practice? As with any small business, there is a lot to think about –from funding to equipment to staffing. Here, we’ll dive into some key financial considerations as you look to get your practice off the ground.

First and foremost, you need a plan. Opening a private practice is an enormous challenge, so being prepared every step of the way is critical to your success. Depending on your level of confidence and expertise, it might be a good idea to hire a consultant as you begin exploring the ins and outs of starting your practice.

Adequate funding. This is a huge part of an entrepreneurial endeavor, and opening a medical practice is no exception. It can cost as much as $100,000 to get things up and running, and this includes the funding you’ll need to cover payroll and expenses until you begin to turn a profit. There are plenty of loan companies out there—but only one ARF Financial. What makes us different? To start, our streamlined offer process allows you to apply online and get an offer, with zero impact to your credit score. Our seasoned loan consultants are local to your area and experts in the field of medical funding, too—so you’re in great hands with ARF. We pride our teams in having forged exclusive relationships with banks across the country, letting you secure the funding you need quickly. With minimal paperwork, and no collateral required.

Once your funding is secured, the next step is to start considering your staff and equipment needs. As a practitioner, you’ll know better than anyone what you need in terms of employees and medical equipment. Another item to consider, however, is an electronic health record system (EHR). This inclusive system is a completely digital solution that houses your patients’ medical records, prescription history, lab orders, and more. A helpful guide to finding the right system for you can be found here at Business News Daily.

Integrated with your EHR system is usually a practice management system (PMS), which keeps the housekeeping aspect of your business running as smooth as possible. According to Athena Health, these systems can automate “coding, billing, tracking payer responsiveness to claims, communicating with patients, documenting clinical activity, tracking provider and practice performance, financial reporting, and gathering and submitting quality program data.” Your staff will use this system to send patient bills and payer claims, creating a more reliable solution to keep track of your administrative happenings.

Medical transcription is another factor to consider as you get up and running. Transcription can be done with a staff member via doctor dictation, through voice recognition software, or dictations can be sent to a medical transcription service. Transcriptions are typically uploaded to your EHR system.

Malpractice insurance is a non-negotiable, as you are likely aware. This insurance “protects health care providers against patients who file suit against them under the complaint that they were harmed by the physician’s negligent or intentionally harmful treatment decisions.” Aside from purchasing this insurance, you may also need to equip yourself with general liability and life insurance policies.

Starting your own practice is exciting and intimidating. But with a dedicated loan consultant by your side, along with perfectly curated loan that fits your precise business needs, you’ve got nothing to fear. We hope to hear from you soon!